GoBankingRates has identified the fastest-growing suburbs

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GoBankingRates has identified the fastest-growing suburbs

And finally, with affordable housing in the spotlight, GoBankingRates has identified the fastest-growing suburbs from 2020 to 2022, each boasting at least a 9% population increase and median home prices under $500,000 as of July 2024. According to GoBankingRates, these suburbs are attracting buyers who want affordability paired with rapid growth.

Leading the list is Mooresville, North Carolina, where the population surged nearly 30%, growing from 38,500 to over 50,000 residents. The median home price in Mooresville is $480,430, making it a top pick for homebuyers, as GoBankingRates reports. Other top suburbs include Hamtramck, Michigan, which experienced a 12% population increase and has a median home price of $203,000, and Buckeye, Arizona, with a 13% growth rate and homes averaging $396,000, as noted by GoBankingRates. Union City, Georgia saw a 10% rise in population, with a median price of $289,000, while Canyon Lake, Texas grew 9% and the average home price is $498,000.

According to GoBankingRates, these fast-growing suburbs highlight a national trend of affordable communities that continue to expand across various regions, including Arizona, Texas, and Georgia. The GoBankingRates data underscores that these areas offer great opportunities for homebuyers looking for both value and growth potential. GoBankingRates emphasizes that the combination of competitive home prices and a growing population makes these locations especially appealing. Furthermore, GoBankingRates suggests these suburbs will likely continue to attract homebuyers in the coming years, solidifying their place in the real estate market.

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Nearly half of prospective home buyers are struggling with basic home costs, and home insurance affordability is becoming a major factor in where people choose to move. According to a survey by Mphasis Digital Risk, 48% of respondents are facing challenges with home-related expenses like maintenance, utilities, and taxes, while 47% say rising home insurance costs, driven by extreme weather, will significantly impact their relocation decisions.

Despite concerns about housing costs, many Americans are optimistic about mortgage rates. Forty-two percent say a 5% mortgage rate would prompt them to buy a home, and 64% are encouraged that rates will drop soon. However, 40% of respondents are waiting until after November’s presidential election to make a decision.

The study also found that more than one in four Americans have had to arrange payment plans to manage their housing costs, highlighting the financial strain on homebuyers. With mortgage rates down from an 8% peak in 2023, some experts expect a more robust housing market by 2025, with $2 trillion in mortgage originations predicted if the United States can side step a recession.

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Elk Grove Reaches Settlement to Expand Affordable Housing Amid California’s Housing Crisis

A Sacramento suburb has agreed to build more affordable housing for residents at risk of homelessness under a new settlement announced Wednesday. This comes after the state of California filed a lawsuit accusing Elk Grove of illegally denying an affordable housing project.

As part of the settlement, Elk Grove must identify a new site for affordable housing by July 2025, focusing on areas with strong economic, educational, and health resources. Additionally, the state will have more oversight on the city’s housing approvals for the next five years.

The lawsuit argued Elk Grove violated state laws when it denied a 66-unit project in 2022, meant for residents who had experienced homelessness. The city will now pay $150,000 in legal fees and move forward with affordable housing projects, including a recently approved 81-unit complex.

California is facing a housing crisis, with the state needing to build 2.5 million homes by 2030 to meet demand.

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